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PLUS Markets says it has found that Atlantic Law, a PLUS-quoted corporate adviser, breached market rules in a recent acquisition.

According to PLUS Markets’ statement, an unnamed company embarking on a reverse takeover failed to send an explanatory circular to shareholders, as required by market rules, ‘as a result of advice provided by Atlantic Law’. PLUS says this advice ‘represented a breach of Atlantic Law’s regulatory obligations’, while noting as a ‘mitigating factor’ Atlantic’s argument that its client was in financial difficulties and might have lost the acquisition had it proceeded to prepare such a circular.

Further mitigating factors noted by PLUS were Atlantic’s attempt to ensure shareholders subsequently ratified the takeover with the benefit of a later explanatory circular and its acceptance that its original advice had breached PLUS rules.

Andrew Greystoke of Atlantic Law was not available for comment this evening.

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PLUS Markets Group	AIM	£12.96m	4.12p	-0.25p
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